and/or is no longer required to provide services to earn the award. Stock - based compensation expense is included as part of Co st of products sold and SG&A in the Consolidated Statement of Earnings and includes an estimate of forfeitures, which is based on historical data. Total expense and related tax benefit were as follows: Years ended June 30 2022 2021 2020 Stock options $ 271 $ 279 $ 249 RSUs and PSUs 257 261 309 Total stock - based expense $ 528 $ 540 $ 558 Income tax benefit $ 88 $ 102 $ 97 We utilize an industry standard lattice - based valuation model to calculate the fair value for stock options granted. Assumptions utilized in the model, which are evaluated and revised to reflect market conditions and experience, were as follows: Years ended June 30 2022 2021 2020 Interest rate 0.1 - 1.6 % 0. 1 - 0.7 % 1.1 - 1.4 % Weighted average interest rate 1.5 % 0.6 % 1.3 % Dividend yield 2.4 % 2.4 % 2.4 % Expected volatility 19 % 20 % 17 % Expected life in years 9.1 9.2 9.2 Lattice - based option valuation models incorporate ranges of assumptions for inputs and those ranges are disclosed in the preceding table. Expected volatilities are based on a combination of historical volatility of our stock and implied volatilities of call options on our stock. We use historical data to estimate option exercise and employee termination patterns within the valuation model. The expected life of options granted is derived from the outpu t of the option valuation model and represents the average period of time that options granted are expected to be outstanding. The interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of grant. A summary of options outstanding under the plans as of June 30, 2022, and activity during the year then ended is presented below: Options Options (in thousands) Weighted Average Exercise Price Weighted Average Contract - ual Life in Years Aggregate Intrinsic Value Outstanding at July 1, 2021 138,272 $ 91.24 Granted 14,369 141.67 Exercised (25,040) 77.07 Forfeited/expired (886) 116.38 Outstanding at June 30, 2022 126,715 $ 99.59 5.4 $ 5,618 Exercisable 86,992 $ 84.89 4.0 $ 5,124 The following table provides additional information on stock options: Years ended June 30 2022 2021 2020 Weighted average grant - date fair value of options granted $ 21.55 $ 20.94 $ 15.60 Intrinsic value of options exercised 1,886 1,401 1,455 Grant - date fair value of options that vested 177 236 217 Cash received from options exercised 1,930 1,705 2,019 Actual tax benefit from options exercised 399 292 298 At June 30, 2022, $166 of compensation cost had not yet been recognized related to stock option grants. That cost is expected to be recognized over a remaining weighted average period of 1.5 years. A summary of non - vested RSUs and PSUs outstanding under the plans as of June 30, 2022, and activity during the year then ended is presented below: RSUs PSUs RSU and PSU awards Units (in thousands) Weighted Average Grant Date Fair Value Units (in thousands) Weighted Average Grant Date Fair Value Non - vested at July 1, 2021 3,237 $ 114.68 971 $ 135.24 Granted 1,365 141.13 539 152.69 Vested (1,656) 109.08 (550) 121.62 Forfeited (114) 123.06 (32) 152.89 Non - vested at June 30, 2022 2,832 $ 130.37 928 $ 152.94 At June 30, 2022, $216 of compensation cost had not yet been recognized related to RSUs and PSUs. That cost is expected to be recognized over a remaining weighted average period of 1.6 years. The total grant date fair value of shares vested was $248, $266 and $264 in 2022, 2021 and 2020, respectively. The Company settles equity issuances with treasury shares. We have no specific policy to repurchase common shares to mitigate the dilutive impact of options, RSUs and PSUs. However, we have historically made adequate discretionary purchases, based on cash availability, market trends and other factors, to offset the impacts of such activity. NOTE 8 POSTRETIREMENT BENEFITS AND EMPLOYEE STOCK OWNERSHIP PLAN We offer various post retirement benefits to our employees. Defined Contribution Retirement Plans We have defined contribution plans, which cover the majority of our U.S. employees, as well as employees in certain other countries. These plans are fully funded. We generally ma ke contributions to participants' accounts based on individual base salaries and years of service. Total global defined contribution expense was $366, $340 and $317 in 2022, 2021 and 2020, respectively. The Procter & Gamble Company 51 Amounts in millions of dollars except per share amounts or as otherwise specified.